For Immediate Release

Ferro Reports Improved 2011 First-Quarter Results

First Quarter 2011 Highlights:

CLEVELAND, Ohio – April 27, 2011 – Ferro Corporation (NYSE: FOE, the “Company”) today announced net sales of $573 million for the three-month period ended March 31, 2011, an increase of 16 percent from net sales of $493 million in the first quarter of 2010. Net income improved to $23 million, or $0.26 per diluted share, compared with a loss of $1 million, or less than one cent per diluted share, in the prior-year quarter. Adjusted net income, excluding charges, was $26 million, or $0.29 per diluted share, compared with $18 million, or $0.22 per diluted share, in the first quarter of 2010.

2011 First-Quarter Results

“Ferro’s earnings momentum continued in the first quarter of 2011,” said Chairman, President and Chief Executive Officer James F. Kirsch. “Sales increased by 16 percent during the quarter, and were up 7 percent excluding precious metals. Gross profit contribution on our incremental value-added sales was strong, reflecting improvement we’ve made in our manufacturing cost structure and product mix. As a result, we reported earnings per share from continuing operations of $0.29, on an adjusted basis excluding charges, compared with adjusted earnings per share of $0.22 in the first quarter of 2010.”

Net sales for the three months ended March 31, 2011, were $573 million, a 16 percent increase over net sales of $493 million in the first quarter of 2010. Sales increased in all segments and regions compared with the prior-year quarter. Increased sales of precious metals, resulting from both higher volume and higher prices, contributed $51 million to the growth of sales during the quarter. Changes in product pricing, product mix and foreign currency exchange rates accounted for approximately 17 percentage points of the overall growth in sales. A slight decline in sales volume reduced growth by less than one percentage point, driven primarily by products the Company no longer sells in 2011 due to changes resulting from restructuring and business sales.

Gross profit increased to $120 million, or 21.0 percent of sales, during the 2011 first quarter, compared with $107 million, or 21.7 percent of sales, during the first quarter of 2010. Excluding charges, gross profit as a percent of sales excluding precious metals was approximately 130 basis points higher in the 2011 first quarter than in the first quarter of 2010. The increase in gross profit dollars was primarily driven by changes in product pricing and mix and the benefits of cost reduction actions taken in prior periods. These actions included plant closings and other restructuring actions that were taken in 2010. Gross profit as a percent of net sales declined, compared with the prior-year quarter, primarily because of increased sales of precious metals. The cost of precious metals is passed through to customers with little gross profit contribution. During the 2011 first quarter, gross profit was reduced by charges of $1.6 million, primarily related to residual costs at closed manufacturing sites involved in restructuring actions. In the first three months of 2010, gross profit was reduced by charges of $1.6 million primarily due to accelerated depreciation resulting from manufacturing restructuring actions.

Selling, general and administrative (“SG&A”) expenses were $77 million, or 13.4 percent of net sales, during the 2011 first quarter. SG&A expenses in the 2010 first quarter were $71 million, or 14.4 percent of sales. The increased SG&A spending included increased compensation expenses and expenses associated with an initiative to streamline and standardize business processes and improve management information systems. SG&A expenses during the 2011 first quarter included charges of $1.1 million, primarily due to expenses at sites closed during manufacturing rationalization actions. SG&A expenses during the first three months of 2010 included charges of $2.4 million primarily related to severance charges from staffing reductions and corporate development activities.

Restructuring and impairment charges were $1.6 million during the 2011 first quarter compared with $13.3 million in the prior-year quarter. The decline reflects the reduction in restructuring activities as the Company completes the final actions related to its multi-year manufacturing rationalization actions that were initiated in 2006.

Interest expense declined to $6.8 million in the first three months of 2011, compared with $12.9 million in the 2010 first quarter. The decline was primarily due to reduced borrowing levels and reduced amortization of debt issuance costs.

Net income during the 2011 first quarter was $23.2 million, or $0.26 per diluted share, compared with a loss of $0.8 million during the first quarter of 2010. Adjusted net income, excluding charges, was $26 million, or $0.29 per diluted share during the first three months of 2011 compared with adjusted net income of $18 million, or $0.22 per diluted share, in the 2010 first quarter.

2011 Outlook

The Company currently expects net sales to grow between 9 and 12 percent in 2011, to between $2.30 billion and $2.35 billion. The Company’s previous estimate of 2011 sales was between $2.23 billion and $2.30 billion. The increased sales estimate is primarily the result of an expected increase in precious metal sales, driven by higher silver prices, and a stronger sales outlook for the Company’s Color and Glass Performance Materials, Polymer Additives and Specialty Plastics businesses.

Demand for the Company’s non-solar electronic materials products, including metal powders, metal pastes, and surface finishing materials, remains strong. However, lower sales of conductive pastes for solar applications are expected to partially offset sales gains in other products. The lower sales expectations for solar conductive pastes are the result of lower demand forecasts from solar cell manufacturers. Increased inventory of completed solar cell power modules is resulting in reduced solar cell production volume. In addition, the current high prices for silver have prompted customers to reduce inventories of silver pastes. The duration of these reduced solar cell production schedules is expected to be one to two quarters, with the most impact expected in the 2011 second quarter. A return to growth in solar cell manufacturing will be dependent on a number of factors that are difficult to forecast, including solar power module pricing, possible changes in government incentives for solar installations, interest rate movements and changes in the price of silver.

Adjusted earnings per share for 2011, excluding special charges, are expected to be $1.28 to $1.35, unchanged from the Company’s previous guidance. The positive impact of higher sales for surface finishing materials and non-solar metal powders in the Electronic Materials business, operational efficiency improvements in the Polymer Additives and Specialty Plastics businesses, and a lower anticipated effective tax rate are expected to offset the impact of reduced sales of solar pastes, resulting in no net change in the Company’s expected earnings per share outlook.

Current assumptions in the Company’s planning for 2011 include:

Ferro expects to update its annual sales estimates and adjusted earnings per share estimates in quarterly earnings releases during the remainder of 2011 to reflect regional economic conditions and updated customer demand forecasts.

Non-GAAP Measures

Adjusted earnings per share is equal to income (loss) before taxes, plus restructuring and impairment charges, losses on extinguishment of debt and other special charges, adjusted for a normalized tax rate that is consistent with the Company’s expected future effective tax rate excluding discrete items, and divided by the average number of common shares outstanding. The Company’s expected future effective tax rate is lower than the U.S. statutory rate because of expected earnings in foreign jurisdictions with lower tax rates.

Adjusted earnings per share is a financial measure not required by, or presented in accordance with, accounting principles generally accepted in the United States (U.S. GAAP). The measure is presented here because it provides additional information in a manner that is commonly used by investors and reported by third-party analysts. The amount and timing of restructuring, impairment and other special charges are difficult to forecast due to the number of restructuring and other cost-reduction projects currently underway within the Company and the uncertainty of factors that determine future charges, which make a detailed reconciliation to the most directly comparable U.S. GAAP measures impractical.

Conference Call

The Company will host a conference call to discuss its 2011 first-quarter financial results, its outlook for general business conditions and its current outlook for 2011 on Thursday, April 28, 2011, at 10:00 a.m. Eastern time. To participate in the call, dial 800-734-8507 if calling from the United States or Canada, or dial 212-231-2915 if calling from outside North America. Please call approximately 10 minutes before the conference call is scheduled to begin.

An audio replay of the call will be available from noon Eastern time on April 28 through noon Eastern time on May 5. To access the replay, dial 800-633-8284 if calling from the United States or Canada, or dial 402-977-9140 if calling from outside North America. Use the program ID #21520604 to access the audio replay.

The conference call also will be broadcast live over the Internet and will be available for replay through the end of the second quarter. The live broadcast and replay can be accessed through the Investor Information portion of the Company’s Web site at www.ferro.com. A podcast of the conference call will also be available on the Company’s Web site.

About Ferro Corporation

Ferro Corporation (http://www.ferro.com) is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including electronics, solar energy, telecommunications, pharmaceuticals, building and renovation, appliances, automotive, household furnishings, and industrial products.

Headquartered in Cleveland, Ohio, the Company has approximately 5,000 employees globally and reported 2010 sales of $2.1 billion.

Cautionary Note on Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company’s future financial performance include the following:

The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition and results of operations.

This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Additional information regarding these risks can be found in our Annual Report on Form 10-K for the period ended December 31, 2010.

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INVESTOR CONTACT:
David Longfellow
Director, Investor Relations, Ferro Corporation
Phone: 216-875-7155
E-mail: longfellowd@ferro.com

MEDIA CONTACT:
Mary Abood
Director, Corporate Communications, Ferro Corporation
Phone: 216-875-6202
E-mail: aboodm@ferro.com

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Condensed Consolidated Statements of Income (Unaudited)

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Segment Net Sales and Segment Income (Unaudited)

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Condensed Consolidated Balance Sheets

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Supplemental Information

Reconciliation of Adjusted Earnings to Reported Earnings from Continuing Operations for the Three Months Ended March 31 (Unaudited)

It should be noted that adjusted earnings from continuing operations is a financial measure not required by, or presented in accordance with, accounting principles generally accepted in the United States (U.S. GAAP). The adjusted earnings presented here exclude certain special charges including asset impairments and restructuring charges, charges related to debt refinancing, and other charges that are not related to production of products for sale. We believe this data provides investors with additional information on the underlying operations of the business and enables period-to-period comparability of financial performance. In addition, these measures are used in the calculation of certain incentive compensation programs for selected employees.

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Ferro Corporation and Subsidiaries
Supplemental Information

Segment Net Sales Excluding Precious Metals and
Reconciliation of Sales Excluding Precious Metals to Net Sales (Unaudited)

It should be noted that segment sales excluding precious metals is a financial measure not required by, or presented in accordance with, accounting principles generally accepted in the United States (U.S. GAAP). The sales are presented here to exclude the impact of volatile precious metal raw material costs. The precious metal raw material costs are generally passed through directly to customers with minimal margin. We believe this data provides investors with additional information on the underlying operations of the business and enables period-to-period comparability of financial performance. In addition, these measures are used in the calculation of certain incentive compensation programs for selected employees.

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